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"The Canadian dollar, today at least, has hitched back onto that risk sentiment wagon which was so familiar a few months ago"
- TD Securities (based on Reuters)Pair's Outlook
USD/CAD has closed above parity for several days, notwithstanding, it was unable to continuously remain above 1.0014/00 and has already slipped beneath 0.9987/72. The currency pair carries on gaining bearish momentum, as suggested by weekly technical studies, but should overcome 0.9942/31 and, most importantly, 0.9917/0.9891 before the medium-term outlook is changed to negative, as it is the key support at the moment.
Traders' Sentiment
The gap between long and short positions has widened since yesterday, as the percentage of bulls grew up to 60% and the portion of bears diminished to 40%. Dominance of standing buy orders is not as distinct, but is still noticeable, as they take up 56% of the market compared to a 44% share of sell orders.
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